Tag: Tax

The tax proposals will come into effect from April 1 after the passage of the Union Budget in Parliament.

Bhubaneswar: In a major relief to customers groaning under the skyrocketing prices of pulses, the Odisha Cabinet on Tuesday approved a proposal to reduce Value Added Tax (VAT) on pulses from the existing 5% to 1%. To be effective from July 1, The VAT reduction, however, will be effective for a period of three months […]

New Delhi: The Income Tax Department now ranks among the top three “revenue-earners” of the central government and there is still a huge potential for growth, a top IT official has said. Principal Chief Commissioner of Income Tax, (PR-CCIT) Pune, Vinodanand Jha said in a statement released on Saturday that there was a huge possibility […]

The Income Tax Department has warned salaried taxpayers to refrain from under-reporting their income or inflate deductions and exemptions while filing tax returns, warning that wrong claims would be treated as cases of tax evasion. In a single-page advisory issued on Wednesday, the department said such attempts aided and abetted by unscrupulous intermediaries have “been […]

New Delhi: The government on Friday extended the deadline to file GSTR-1 for all taxpayers by 10 days, till January 10. In a statement, the Finance Ministry said that all registered persons having aggregate turnover of up to Rs 1.5 crore in the preceding or the current financial year will have to file quarterly return […]

New Delhi: Union Consumer Affairs Minister Ram Vilas Paswan has asked the Central Board of Direct Taxes (CBDT) to consider inclusion of service charge while assessing tax. According to an official release, complaints were being received through the National Consumer Helpline about levying 5 per cent to 20 per cent service charge compulsorily by some […]

New Delhi: The government on Saturday said the new MRP on products manufactured, packed or imported before July 1 should take into consideration extra availability of input tax credit under GST. “The declaration of new MRP on unsold stock manufactured, packed, imported prior to July 1 should not be done mechanically but after factoring in […]

Washington: Two tax attorneys for Donald Trump have claimed that the US President’s only income from Russian sources include fees for hosting the Miss Universe pageant in Moscow in 2013 and selling a Florida mansion to a Russian businessman, the media reported. The statements were contained in a letter from lawyers Sheri A. Dillon and […]

New Delhi: Three months after the rollout of the new indirect tax regime, the GST Council today made sweeping changes to give relief to small and medium businesses on filing and payment of taxes, eased rules for exporters and cut tax rates on more than two dozen items. Businesses with annual turnover of up to […]

Ahead of his first full fledged budget, Finance Minister Arun Jaitley on Saturday said that the NDA government was against raising revenue by imposing higher taxes, instead it would want to leave more money in the hands of consumer to fuel demand and growth

New Delhi: The Income Tax Department will “only” issue refunds via the e-mode into bank accounts of taxpayers beginning next month and they should link PAN with their accounts, the taxman said in its latest public communication. The department said refunds will be sent to bank accounts as it will issue “only e-refunds from March 1, […]

Kolkata: With a view to passing the benefits of tax rate reduction or input tax credit to consumers in the GST regime, consumers may get volume benefit in lieu of only price reduction as the National Anti-Profiteering Authority (NAA) is allowing ‘grammage increase’, an official said here on Friday. If a supplier of goods increases […]

New Delhi: The Goods and Services Tax (GST) collection for March rose 15 per cent year-on-year to Rs 1.06 lakh crore. The collection of Rs 1,06,577 crore for March though was the highest-ever monthly collection since the introduction of GST, the Finance Ministry said in a statement. Revenue in March grew 15.6 per cent over […]

Mumbai: Megastar Amitabh Bachchan paid Rs 70 crore as tax for the financial year 2018-19. “Mr Bachchan has paid Rs 70 crore tax for the financial year 2018-19,” his spokesperson said in a statement. In the recent past, Big B also paid off loans of 2,084 farmers in Muzaffarpur, Bihar. He has also donated Rs […]

New Delhi: The effective tax rates for the higher income group individuals having taxable income from Rs 2 crore to Rs 5 crore and Rs 5 crore and above is proposed to be increased by around 3 percent and 7 percent respectively. Presenting the General Budget 2019-20 in the Parliament today, Union Minister of Finance […]